The stock of Etsy rose by 9 percent in premarket trading right after the tweet of Elon Musk. The tweet of Elon musk about it was ” kinda love Etsy.”
The e-commerce company was not growing at all in the premarket trading until the tweet of Elon Musk. Etsy has grown to be a huge gainer in the S&P when market opens.
Elon Musk opinion about the ecommerce company certainly hold a lot of weight towards its shares rise. The increase in the stock with just his short and simple tweet is a sign of high engagement in the trading market lately.
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Elon Musk is know to tweet and show kind gestures towards some or the other company or app as it was done for signal and the demand of the signal app grew right after his tweet about it. He also influences the stock prices of tesla shares with his bold statements on social media.
Last year Elon Musk had tweet that tesla stock was too high which resulted in higher shares after a week later.
Etsy Shares rose more then 313 percent since past one year as it emerged to be a major winner in the coronavirus pandemic. Small business benefited from Etsy to reach consumers during lockdown.
Changes in the behavior encourages by the pandemic allowed etsy to acheive a broader lump of its 1.7T addressable market,which lead to higher frequency and spending,”
Reference taken by NBCnews